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CWG Plc profits in 9M 2020 hit N463.5 million

Profit for the period increased to N463.5 million as of September 2020, from N22.6million recorded in the corresponding period last year.

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CWG Plc, CWG confirms loss to inferno 

The N463.5 million profit recorded by CWG Plc was driven by 604.8% increase in Earnings Before Interest and Taxes (EBIT) for the period ended September 2020.

This is according to its latest financials sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.

Profit for the period increased to N463.5 million as of September 2020, from N22.6million recorded in the corresponding period last year, indicating an increase of 1,950.8% YoY.

Key highlights of the 9M 2020 result are;

  • Revenue increased to N8.92 billion, up by +35.14% YoY.
  • Gross Profit increased to N2.15 billion, up by +18.6% YoY.
  • Pre-tax profit increased to N508.09 million, indicating a gain of +2,148.09% YoY.
  • Profit after tax increased to N463.5 million, up by +1950.8% Y-o-Y.
  • Cost of sales increased to N6.76 billion, indicating an increase of +41.41% YoY.
  • Operating Expenses decreased to N1.47 billion, indicating a decrease of -5.9% YoY.
  • Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased to N703.21 million, up by +124.02% YoY.
  • Depreciation and Amortization decreased to N166.83 million, down by -29.9% YooY.
  • Earnings Before Interest and Taxes increased to N563.4 million, up by +604.9% YoY
  • Interest and finance charges declined to N28.29 million, down by -47.1% YoY.

Bottom line

The relatively improved performance recorded by the firm, especially as regards its profit is attributable to the firm’s ability to shore up revenue and manage expenses as evident in the decline of operating expenses, interest charges, among others. This resulted in a higher EBIT value and gross profit for the firm.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

Continue Reading

  





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